Week 10 EOC: What are the benefits versus the features?

“Today, as products and services become more commoditized, many companies are moving to a new level in creating value for their customers. To differentiate their offers, beyond simply making products and delivering services, they are creating and managing customer experiences with their brands or company.” (Marketing: An Introduction Armstrong/Kotler pg. 209) In modern day, it is a gold mine to actually come up with a new, popular, and marketable idea that can become a successful product. It is why many marketers are now focusing more on the customer and the experience their product creates rather than the actual product. These experiences need to be positive, obviously, so they may become benefits in the customer’s mind and thus build a profitable relationship. The benefit my product is sought to bring to the valued customer is the comfort and peace of mind that one can indulge in a chocolaty treat without worrying about their health. “Product planners need to think about products and services on three levels. Each level adds more customer value. The most basic level is the core customer value, which addresses the question: What is the buyer really buying? When designing products, marketers must first define the core, problem-solving benefits or services that consumers seek.” (Marketing: An Introduction Armstrong/Kotler pg. 210) As previously defined, nowadays, it is not enough to only state the features of a product, the modern consumer has become more aware of its environment and now chooses wisely when picking a product over another. Marketers must not emphasize on what’s new and different about the product, they must emphasize on what’s new and different about the experience that benefits the consumer on a greater amount from competing products or brands. It is why I must emphasize on the health benefits that Cherry Poppers brings to the table rather than setting the eyes of the consumer on what different features it has that other liqueur treats may have. “Shopping products are less frequently purchased consumer products and services that customers compare carefully on suitability, quality, price, and style. When buying shopping products and services, consumers spend much time and effort in gathering information and making comparisons.” (Marketing: An Introduction Armstrong/Kotler pg. 211)

Week 9 EOC: Three Great Mission Statements

1) “Our market-oriented focus is to ensuring that a craving would not interfere with your day, whatever the occasion may be.” Oscar Corral’s business mission statement caught my eye because it not only offers a product; it offers a commodity and a service. He is giving the customer an extra service and the advantage of not having to buy two products to get one result. “We create the Ritz-Carlton experience—one that enlivens the senses, instills well-being, and fulfills even the unexpressed wishes and needs of our guests.” (Marketing: An Introduction, Armstrong/Kotler. Pg. 40)

2) “My Mission Statement for Mighty Beer is to: Deliver a rich and exotic way of drinking!” Javier Garcia’s mission statement was great simply because of the straight-forwardness and its sincerity; it wants to satisfy the customer in new and innovative ways. "Mission statements should be meaningful and specific yet motivating. They should emphasize the company’s strengths in the marketplace." (Marketing: An Introduction. Armstrong/Kotler. Pg. 6)

3) “White Tie” is a chocolate bar full of fun. This business is going to help you have a different flavor of chocolate in your mouth. Were going to bring the excitement out of those who eat it. “  Erica McBee-Marquez’s mission statement struck me as concise and concrete; it said what it had to say and did not stumble around. “Mission statements should be market oriented and defined in terms of satisfying basic customer needs.” (Marketing: An Introduction, Armstrong & Kotler, (Ch. 2, Pg. 6)

Week 8 EOC: Creative Content

In order to successfully advertise and market Cherry Poppers, the new and delicious chocolate snack, using my own skills and expertise in my area, I will be creating an exciting, intriguing, thriving sensual radio spot that will attract the listener to indulge in the sweet and creamy world that is Cherry Poppers. The radio spot will need an image to represent the product since the audio will be uploaded to both YouTube and Soundcloud with personalized accounts for the product. First off, I must design a logo that will represent the product thoroughly. Elegant, sweet, and soft to the senses is what the logo must communicate. The logo will feature the cherry oozing its chocolaty center and covered in roasted nuts and almonds. Displaying the elegance in the logo is of utter importance because that is what we are trying to communicate; this is a snack that is an alternative to the cliché snacks one enjoys while drinking wine. In the background of the cherry, there will be a bottle and a glass of wine and in the far back there will be the silhouette of a couple dancing, unfocused. The radio spot has to attract the wine connoisseur and attack its elegance “meter” in a positive way. It needs to also attract the active chocolate lover. "Lifestyle is a person’s pattern of living as expressed in his or her psychographics. It involves measuring consumers’ major AIO dimensions—activities (work, hobbies, shopping, sports, social events), interests (food, fashion, family, recreation), and opinions (about themselves, social issues, business, products)." Armstrong/Kotler – Marketing: An Introduction for Education Management Corporation, 10th Edition page 147. So a sweet, melodic, and gentle voice will advertise Cherry Poppers in a way that the listener feels comfortable when listening about this product. A soft and jazzy ambience in the background will give a listener the image of how the product is supposed to make you feel when enjoying it.

Final Project: Implementation Evaluation Control

“Companies generally create yearly marketing plans, although some plans cover a longer period. Marketers start planning well in advance of the implementation date to allow time for marketing research, thorough analysis, management review, and coordination between departments. Then, after each action program begins, marketers monitor ongoing results, compare them with projections, analyze any differences, and take corrective steps as needed. Some marketers also prepare contingency plans for implementation if certain conditions emerge. Because of inevitable and sometimes unpredictable environmental changes, marketers must be ready to update and adapt marketing plans at any time.” (Marketing: An Introduction Armstrong/Kotler Appendix 1 pg. MP2) Once Cherry Poppers has been out in the market for a year, a new marketing strategy that assesses the current status of our product shall be developed. Depending on the stage of the life cycle our product is we will then change our pricing from a good-value pricing to a complete value-based pricing creating a larger income. Transitioning from radio spots to television ads that portray the elegance of Cherry Poppers. Slowly moving from a centered demographic to a larger and expanding target market that not only encompasses middle-aged single women but also married and younger women living in areas ranging from the city to the suburbs. “For effective implementation and control, the marketing plan should define how progress toward objectives will be measured. Managers typically use budgets, schedules, and performance standards for monitoring and evaluating results. With budgets, they can compare planned expenditures with actual expenditures for a given week, month, or other period." (Marketing: An Introduction Armstrong/Kotler Appendix 1 pg. MP2) In order to complete an effective and successful implementation and control of Cherry Poppers in the marketplace, measures and research shall be performed. In order to see progress in the products maturity, there has to be a 5% revenue over budget, that way we may know that our product is in a stable, healthy, and promising stage of its life cycle. "Schedules allow management to see when tasks were supposed to be completed—and when they were actually completed. Performance standards track the outcomes of marketing programs to see whether the company is moving toward its objectives. Some examples of performance standards are: market share, sales volume, product profitability, and customer satisfaction.” (Marketing: An Introduction Armstrong/Kotler Appendix 1 pg. MP2)

Final Project: Price

“Recent economic events have caused a fundamental shift in consumer attitudes toward price and quality. In response, many companies have changed their pricing approaches to bring them into line with changing economic conditions and consumer price perceptions. More and more, marketers have adopted good-value pricing strategies—offering just the right combination of quality and good service at a fair price.” (Marketing: An Introduction Armstrong/Kotler Chapter 9 pg. 277) Offering a good-value pricing communicates to our customers that our pricing represents a fair estimate of the value our product provides. The services as well as the benefits from Cherry Poppers are grand but we must not compensate this by raising our prices. We want to maintain a fair and just price on Cherry Poppers in order to create a clear and honest relationship with the consumer. “Value-based pricing doesn’t mean simply charging what customers want to pay or setting low prices to meet the competition. Instead, many companies adopt value-added pricing strategies. Rather than cutting prices to match competitors, they attach value-added features and services to differentiate their offers and thus support higher prices.” (Marketing: An Introduction Armstrong/Kotler Chapter 9 pg. 278) After Cherry Poppers has been successfully introduced into the market and has seen continuous growth and is up to the point of the decline of the Product Life Cycle, it can adapt a value-based pricing. Up to this point our product might have a steady consumer base and we can take the liberty of pricing Cherry Poppers based on its value, services, and benefits it brings to the consumer. It might be a risky decision but tedious market research will be made before beginning with this new pricing strategy.

Final Project: Distribution

“Producing a product or service and making it available to buyers requires building relationships not just with customers, but also with key suppliers and resellers in the company’s supply chain. This supply chain consists of “upstream” and “downstream” partners. Upstream from the company is the set of firms that supply the raw materials, components, parts, information, finances, and expertise needed to create a product or service. Marketers, however, have traditionally focused on the “downstream” side of the supply chain—on the marketing channels (or distribution channels) that look toward the customer. Downstream marketing channel partners, such as wholesalers and retailers, form a vital connection between the firm and its customers.” (Marketing: An Introduction Armstrong/Kotler Chapter 10 pg. 311) In order to distribute Cherry Poppers correctly and in a successful way in order to reach our target customers, we must build strong professional relationships with our suppliers. Marketers focus mostly on “downstream” partners, when in fact “upstream” partners are what give birth to our product and without them we are hopeless. So it is of utter importance to eradicate this gap so it becomes non-existent and thus avoiding further obstacles preventing Cherry Poppers from reaching our key demographic. “Between intensive and exclusive distribution lies selective distribution—the use of more than one, but fewer than all, of the intermediaries who are willing to carry a company’s products. Most television, furniture, and home appliance brands are distributed in this manner. For example, Whirlpool and General Electric sell their major appliances through dealer networks and selected large retailers." (Marketing: An Introduction Armstrong/Kotler Chapter 10 pg. 324) By approaching distribution through selective distribution communicates to our customers that our product is exclusively selected. This is important because it creates a sense of exclusivity to our customers thus increasing the need for buying it. "By using selective distribution, they can develop good working relationships with selected channel members and expect a better-than-average selling effort. Selective distribution gives producers good market coverage with more control and less cost than does intensive distribution.” (Marketing: An Introduction Armstrong/Kotler Chapter 10 pg. 324)

Final Project: Promotion

“Above all else, new-product development must be customer-centered. When looking for and developing new products, companies often rely too heavily on technical research in their R&D labs. But like everything else in marketing, successful new-product development begins with a thorough understanding of what consumers need and value. Customer-centered new-product development focuses on finding new ways to solve customer problems and create more customer-satisfying experiences.” (Marketing: An Introduction Armstrong/Kotler Chapter 8 pg. 253) In order to properly promote Cherry Poppers I must focus on what I’m trying to channel through my product. This message is the experience the customer is supposed to feel and to eradicate the problem the customer encounters when choosing an adequate treat whilst enjoying a fine wine. That is our main objective with Cherry Poppers: To create a unique and original experience. “Each category involves specific promotional tools used to communicate with consumers. For example, advertising includes broadcast, print, Internet, outdoor, and other forms. Sales promotion includes discounts, coupons, displays, and demonstrations. Personal selling includes sales presentations, trade shows, and incentive programs. Public relations includes press releases, sponsorships, special events, and Web pages. And direct marketing includes catalogs, telephone marketing, kiosks, the Internet, mobile, and more.” (Marketing: An Introduction Armstrong/Kotler Chapter 12 pg. 377) A plethora of promotional tools shall be used to successfully promote Cherry Poppers, the first one being radio spots to introduce it to a specific target market, rather than broadcasting to a larger audience and thus making it more difficult to truly build a fundament to stand on. It would also be a viable way to promote Cherry Poppers in special wine tasting events, book releases, and other leisure-related events that many wine indulgers might specifically attend to. This should really begin building a concurrent base of consumers.